Over one-half of all Americans surveyed are in fear of outliving their nest egg, according to a new Transamerica study. It’s the top source of retirement anxiety for American workers.
And there’s good reason for that. Most workers are not saving anywhere near enough money. Some that do save invest in all the wrong ways. And others are waiting for the “right time” to invest, but run the risk that if the “right time” ever does come, it will be far too late to salvage their retirement years.
The current system may not be ideal, but there’s absolutely no reason to let that stand in the way of enjoying a comfortable and rewarding financial future.
One-fifth of Baby Boomer workers have less than $50,000 saved up. For many, the strategy is to “keep working” as long as possible. That’s actually a good way to make the money last longer, but unfortunately many run into medical problems that curtail their working years earlier than planned.
Planning on working forever?
See our article: What If You Can’t Make It To The Retirement Finish Line?
Planning for a successful retirement is within everyone’s grasp. Here are the fundamentals:
Start saving early. Time is your biggest ally.
Set aside at least 10% of your income each year.
Take advantage of workplace retirement benefits.
Always live within your means.
Invest smart. The right investment strategy can multiply your savings over time.
Have a plan. Saving with a specific goal in mind triples the odds of success.
Not a do-it-yourselfer? Hire a Certified Financial Planner or other professional to help you plan the right way.